Energy upgrade
gets tax credit
Oct 9, 2005 - The Akron Beacon Journal, Ohio
Author(s): Mike Rasor
Oct. 9--Energy prices are up, but take heart. A new law offers
homeowners a 10 percent tax credit for many costs related to improving
energy efficiency.
This applies as long as the addition or improvement meets the federal
energy-efficiency standard.
So if you install an energy-efficient pigmented metal roof, you may
turn in the receipt to the government and get back 10 percent of your
investment.
The tax credit also applies to water heaters, heat pumps, furnaces,
boilers, windows, skylights and exterior doors. It is also good for
house-enveloping strategies, such as insulation and duct sealing.
Overwhelmed by where to begin? It's a good idea to start with
insulation, said Wilson Gonzalez, a senior regulatory analyst for the
Ohio Consumers' Counsel.
Homeowners also should consider replacing a furnace that was made
before 1992, which is when energy standards were increased, Gonzalez
said. Old furnaces are about 60 percent efficient, compared to 90
percent to 95 percent with new appliances. The energy bill provides a
tax credit of up to $300 for a new furnace.
For the most part, people with older homes have the most to improve.
However, owners of new homes can invest between $30 and $100 for a
set-back thermostat, which will program a temperature for certain times
each day.
If you aren't sure how efficient your home is, a professional energy
audit is a good idea, Gonzalez said. It will cost about $400.
To be eligible for tax credits, consumers must pay for the efficiency
upgrades between Jan. 1, 2006, and Dec. 31, 2007. The total tax credit
is limited to $500 during the two-year span.
© Copyright 2005 NetContent, Inc. Duplication and
distribution restricted.
Visit http://www.powermarketers.com/index.shtml
for excellent coverage on your energy news front.
|